Are you currently “under water” with your mortgage loan? Are you having trouble making your mortgage payments? Do you need to sell your property, but you owe more on your mortgage loan that the property is worth?
If this is the case, a short sale might be the answer to your mortgage problems.
Some of the reasons lenders approve short sales include:
- Recovering some amount of proceeds
- Save time, money, and resources
- Receive incentives from the government
- To avoid owning the property
Short sales are appropriate if:
- You owe more than your house is worth.
- You do not want to keep the property.
- You do not want to ruin your credit.
- You do not want the bank coming after you.
What Is a Short Sale?
A short sale occurs when a homeowner sells his or her home for less than the balance of the amount owed on the property. The lender must first agree to the short sale, and the Las Vegas short sale lawyers at Van and Associates help clients negotiate with the their lender(s) for short sale approval. After the lender agrees to your short sale, we will review your paperwork for accuracy and negotiate for a waiver of the deficiency. We will also address any other options for dealing with your financial hardships, including bankruptcy and loan modification.
What Factors Does a Lender Consider in a Short Sale?
There are many factors that impact whether a lender might accept or reject a short sale. Lenders often accept short sale offers because:
- the lender can recover some proceeds, even if they don’t recover all of the money that they are owed;
- short ales can save time, money, and resources;
- some lenders are given incentives by the government to accept short sales; and
- lenders are not in the business of owning property.
How Van and Associates Can Help with Your Short Sale?
Although there are many reasons that a lender might approve a short sale offer, sometimes a lender will reject a short sale. In these situations, it is helpful to have a lawyer to negotiate on your behalf for lender approval. The Las Vegas short sale lawyers at Van and Associates have successfully negotiated short sales even in those situations when the homeowner has significant income, is current on the mortgage, and has other assets.
The Las Vegas short sale law firm of Van and Associates is here to help guide you through the entire short sale process. If you are currently “under water” with your mortgage loan, contact us at (702) 529-1011 to schedule a free consultation to learn more about the Nevada short sale process.